❗️SCOOP: China starts easing minerals control with EU after months of talks, Sefcovic tells us in interview. “We are getting initial reports from our industry that they are getting these general licenses,” he tells us. www.bloomberg.com/news/article...

❗️NEW: Sefcovic tells us in interview that machinery is one of the priority areas flagged to US to address existing irritants. “The machines are all exported at very low volumes, or not at all, because these machine exporters are afraid that they could get a fine.” www.bloomberg.com/news/article...

❗️In case missed our story *yesterday*: EU has 2 crucial deadlines this week: Ukraine funding & Mercosur deal Failure on either front would prove Trump EU leadership is “weak”. Annus horriblis keep getting worse -w @albertonardelli.bsky.social @ @afpal.bsky.social www.bloomberg.com/news/article...

❗️NEW: And France is pushing to delay Mercosur signing planned for 20 Dec to next year, which could derail the landmark agreement after 25 years of negotiations www.bloomberg.com/news/article...

❗️NEW: In case you missed our story this morning in this hectic day, Hungary threatened with taking EU executive to court and blocking sanctions renewal over the bloc’s effort to circumvent Budapest to keep Russian assets immobilized. www.bloomberg.com/news/article...

❗️In case you missed our scoop from yesterday EU plans to commit at least €3 billion over the next year to help sever its dependence on China’s raw materials, according to ResourceEU doc we’ve seen EIB to finance €2bn By @albertonardelli.bsky.social & me www.bloomberg.com/news/article...

❗️NEW: EU asks US to lower tariffs on weapons such as rocket launchers, artillery, pistols… according to the list of EU goods we’ve seen www.bloomberg.com/news/article...

❗️NEW: US tells EU to change digital rules for getting lower steel tariffs “We are talking to them about” rolling back EU tech rules, Lutnick said in an interview with Bloomberg Television. “In exchange for that, we will come up with a cool steel and aluminum deal.” www.bloomberg.com/news/article...

❗️EU-China row continues: EU exec supports 🇫🇷 call to bring forward to 2026 imposing customs on small packages (nearly all coming from China). EU Finance ministers expected to abolish today exemption for small parcels but planned date was 2028, as we told you yday www.bloomberg.com/news/article...

EU member states gave today their preliminary blessing to the safeguards to protect EU farmers from sudden price/volume changes in Mercosur deal, removing one important stumbling block to approve agreement by end year www.bloomberg.com/news/article...

EU needs to come up with a “credible” commitment to unlock fresh IMF aid for Ukraine, @vdombrovskis.bsky.social told us in an interview. EC is racing to finalize the options paper to tap Russia’s immobilized central bank assets www.bloomberg.com/news/article...

❗️NEW: EC confirmed our earlier scoop on VDL not attending the summit with CELAC nations later this week “in light of the current European political agenda and the low participation of other heads of state and government” www.bloomberg.com/news/article...

❗️Scoop: EP rapporteur 4 #digitaleuro Navarrete proposes splitting offline & online version- online coming only if not private solution ready once work done- report just out! He tells us that holding limits should look at €zone, national level & most affected bank www.bloomberg.com/news/article...

❗️NEW: EU’s race to build its autonomy continues, this time on the funding track progressing on its sovereign-like fund for deep tech. We got details of today’s meeting with potential anchor investors. With a great team of Bloomberg reporters www.bloomberg.com/news/article...

❗️NEW: A growing list of EU leaders (20 & counting) urge to dismantle “outdated” legislation & call on EC to run systematic review by end-year, in one of strongest calls to date to push ahead with simplification agenda (or rather “dismantling agenda”). Pretty big www.bloomberg.com/news/article...

EU’s largest economies want to discuss China’s latest harmful practices in the summit tomorrow even if the agenda is already super packed. Meanwhile, the commission is urging Beijing to find a solution. - with Arne Delfs www.bloomberg.com/news/article...

❗️Ramping up protectionism in key sectors, forcing tech transfers, first-ever econ security doctrine & racing to reduce dependencies weaponized in a hostile world. Europe has a plan, but time to make it? w @albertonardelli.bsky.social www.bloomberg.com/news/article...

Relevance of such move is that while US was leveraging (nowadays weaponizing) its chips & China its minerals, EU will use arguably its biggest asset: internal market (another reason to complete it) While Trump loves tariffs & China expands export controls, tech transfers my be EU’s key tool coming

❗️SCOOP: EU considering strict conditions such as tech transfers, joint ventures for Chinese investments in Europe in some key sectors, we’re told, as Europe increases pressure on Beijing to rebalance economic relations - with @johnainger.bsky.social www.bloomberg.com/news/article...

❗️NEW: Baranowski also told us that Poland is “working with the European Commission to find a way to address”surge of Ukrainian steel imports, “preferably in the short term.” EC’s proposed steel mechanism imposing 50% tariff over agreed quota will also affect Kyiv www.bloomberg.com/news/article...

❗️“This is, in some ways, the worst-case scenario of weaponizing our rare earths dependency,” Poland’s trade chief @michal-baranowski.bsky.social tells me in Horsens 🇩🇰 where EU trade ministers discuss how to respond to China’s power move in tech/materials supremacy www.bloomberg.com/news/article...

❗️NEW: EU working with US on fresh plan to enact next phase of trade deal, creating checklist that ensures the pact remains on track & moves forward within parameters agreed in Joint Statement & remains mutually beneficial, we’re told W @albertonardelli.bsky.social www.bloomberg.com/news/article...

❗️NEW: We’re told EU’s new proposal to restrict steel imports and protect local industry will - cut existing quotas for foreign steel by half - increase tariffs above that level mirroring what US does (around 50%) - won’t be temporary mechanism www.bloomberg.com/news/article...

From defense to competitiveness, & including EU budget or US trade deal, Merz & von der Leyen clashed since he took over. In private, his message is seen as “I’m the boss”, although some were surprised by their closeness when they first met at EC With Arne Delfs www.bloomberg.com/news/article...

@marossefcovic.bsky.social says today he will send letter to Trump Admin to solve steel dispute, as he advanced in our interview that he would discuss concrete proposals with them to jumpstart the talks on biggest outstanding issue in the implementation of the EU-US trade deal

🧐 Merz writes in FT that he will present to EU leaders an assets proposal that is basically what EU is preparing (below details we told you this weekend). Novelty is that he wants to dedicate all funds for UA army, just when Kyiv’s budgetary hole is bigger than expected ($65bn we scooped).

Sefcovic will meet with Greer on sidelines of ASEAN ministerial this week where he also brings a concrete proposal to address the issue of the derivatives list, he told us.

❗️NEW: EU-US steel talks stalled as Brussels still waiting for Trump Admin response to bloc’s TRQs proposal, @marossefcovic.bsky.social told us in interview “We know that it’s very important for our industry and therefore we are permanently putting it on the table.” www.bloomberg.com/news/article...

❗️NEW: EU, Indonesia trade deal to bring 0 tariffs to near all goods including 🚗, machinery, appliances, agrifood - deforestation rules won’t change & nickel export ban unchanged - Deal is “new chapter of huge, huge proportions,” @marossefcovic.bsky.social told us www.bloomberg.com/news/article...

❗️Scoop: IMF to set Ukraine’s financing needs for donors in around $65bn for over the next two years, we’re told. And the bulk of it will likely have to come from Europe via new assets mechanism. IMF eyeing programme around $8bn, we’re told With Volodymyr Verbianyi www.bloomberg.com/news/article...

❗️NEW: Even Lagarde’s struggling to understand how new mechanism to support Kyiv will work, but we start to know few more things: cash balance available would be around €130bn & option being consider is bilat guarantees to overcome vetoes, we’re told. Work continues www.bloomberg.com/news/article...

While Von der Leyen blames MS & EU parliament for slow progress on Draghi roadmap, wishing “I could see the same sense of urgency across our competitiveness agenda”, he says “we must move beyond broad strategies,” as her EC has been doing mostly on his report. www.bloomberg.com/news/article...

❗️EU lawmakers are demanding changes to the trade deal reached with the US, including a sunset clause & changes to products covered, EC told member states, we’re told. Sefcovic pleaded MEPs to be “reasonable” as the overall agreement is at stake www.bloomberg.com/news/article...

As she did with Covid vaccines, VDL wants to lead in coordinating defense ramp up, we’re told, despite its primarily national competency. While move will be welcomed in some smaller MS to move faster in sync, it’s likely to create tension with German & other big ones More in our story

❗️NEW: VDL expected to propose a European Defense Semester to coordinate (and monitor) governments’ military spending toward 2030 readiness as this theme will dominate her state of the EU speech tomorrow. “The common element now is fear,” Monti told us. www.bloomberg.com/news/article...

Asked about the postponement of the EU Commission decision on Google Adtech case, @marossefcovic.bsky.social said that he fully supports @teresaribera.ec.europa.eu’s investigation, this is a “complex case” & his priority has always been European interest Monti criticized the “bad” decision this am

And French spox confirms what we were told: The additional safeguards could be sufficient for Paris to reconsider its staunch opposition to the deal and it would consider that the commission has taken into account its concerns by proposing a robust mechanism

❗️EU’s safeguard measure for agrifood products would monitor volumes, prices and market shares in each member state, we’re told- certain criteria that would trigger measures to control imports from Mercosur if volumes increase by 10% or prices fall by 10%. www.bloomberg.com/news/article...

Why I didn’t know this? Most powerful pirate ever commanded arguably most powerful navy of that time (probl only 2nd to UK), was a Chinese woman so powerful she retired with her wealth pardoned (unlike others) & died peacefully after running a gambling house in Macao in 1844- I wanna see this series

🚨Newsletter Alert: Don’t miss our new Brussels Edition that will bring you every afternoon our bureau chief Suzanne Lynch. A fresh look to show you the best of our coverage www.bloomberg.com/news/newslet...

🚨Newsletter Alert: Don’t miss our new Brussels Edition that will bring you every afternoon our bureau chief Suzanne Lynch. A fresh look to show you the best of our coverage www.bloomberg.com/news/newslet...

👇This will be the topic of the rentrée👇

🇪🇺🇺🇸The unlimited patience is the non-escalation dominance revisited.

❗️Scoop: Trump is zeroing in on Doral, his Miami-area golf course, as the host site for the G-20 next year and is aiming to trim down the extra attendees, per sources to @joshwingrovebbg.bsky.social & me. He abandoned a plan in his first term to host the G-7 there. www.bloomberg.com/news/article...

❗️NEW: EU seeking 0-for-0 tariff for spirits and most-favored-nation rate for wine of about 6% to 7%, we’re told. US signaling deal not imminent — while not fully closing the door. US will apply 15% rate to EU wines/ spirits for now, but issue will be part of talks www.bloomberg.com/news/article...

Heard of escalation dominance? EU’s Achilles’ heel during the talks with US has been Ukraine all along, and seems will continue for a while…

The deal will force EU to reconsider its place in the global order, we’re told. Although EU may consider itself a trade superpower, the outcome shows that’s no longer enough to defend its interests when geopolitical rivals are prepared to use other forms of leverage www.bloomberg.com/news/article...

❗️EU-US moving toward 15% tariff deal - deal could cover sectorials such cars, metals 50% above quota - details to iron out / all depends on Trump - if negotiations fail, EC would come forward w anti-coercion tool & officials confident majority of MS would back it www.bloomberg.com/news/article...

❗️NEW: EU plans to quickly hit the US with 30% tariffs on some €100 bn worth of goods in the event of no deal and if Trump carries through with his threat to impose that rate on most of the bloc’s exports after Aug. 1. With Arne Delf & @albertonardelli.bsky.social www.bloomberg.com/news/article...

NOW: EU-Iceland to launch talks on a defense partnership (another one to the list), announces VDL and Icelandic PM Frostadottir, as we told you few days ago www.bloomberg.com/news/article...